Karachi February 22 2023: Summit Bank Limited reported loss of PKR 3.16 billion for the year 2022 despite provisioning reversal of PKR 584 million, according to Bank’s filing at the Pakistan Stock Exchange.
Share price of the bank decrease by 2 paisa or 1 percent after the announcement at Pakistan Stock Exchange.
“During 2022, the increase in policy rate and record inflation made it difficult to curtail the operating losses at the same level as of last year” says Bank’s Chairman Waseem Mehdi Syed.
As a result, operational loss for the current period increased by 27 percent while the loss after tax increased by 9.7 percent. The Bank posted a loss after tax of PKR 3.16 billion for the year 2022, as compared to PKR 2.88 billion for the comparative period last year, translating into loss per share of PKR 1.20 as against a loss per share of Re. 1.09 for the comparative prior period.
“The Bank continued to prudently manage its operating expenses with a moderate increase of 11.5 percent despite high inflationary pressures, currency devaluation, rising commodity prices and performance based increments” says Bank’s Chief Executive Officer Jawad Majid Khan.
The total non-mark up expenses were reported at PKR 5.84 billion as against PKR 5.24 billion for the comparative period.
The Bank recorded a net provisioning reversal provision charge of PKR 584 million for the period ended September 30, 2022 as against a net provision charge of PKR 308 million for the comparative prior period.
